New business investment opportunities are being announced today.
The Northern Territory Government, through the Rural Jobs Fund, has partnered with Paspalis Corporation to launch an entirely new investment opportunity for domestic and international businesses looking to set up in the Northern Territory.
Each party will co-invest $10 million, making a total of $20 million available.
The Pasparis Co-Investment Fund is available to companies with a clear presence in the territory and looking to grow, expand and create new jobs.
It will provide up to $5 million in funding aimed at boosting jobs, diversifying the territory's economy and strengthening local skills.
The fund will focus on strengthening industries such as advanced manufacturing, logistics, defense, technology, mining, exploration, space and primary industries.
Northern Territory Investment Commissioner Kelly Ralston will join the Paspalis Investment Committee and represent the Northern Territory Government's interests in the partnership.
“We have committed $10 million in venture capital and secured a further $10 million in matching funding from the Northern Territory Government. This funding will be invested dollar for dollar in high growth companies that meet both our and the government's investment criteria and will deliver positive economic outcomes for the Northern Territory,” Paspalis CEO Harley Paroulakis said.
“We have great faith in the north and are ready to invest our reputation and capital back into the north. The Northern Territory is an important part of our history and we want to remain an important part of its future.”
“Paspalis is open to business and welcomes inquiries regarding funding from attractive companies with strong leadership who want to do business in the Northern Territory.”
The new partnership builds on Paspalis' launch of the Northern Territory's first venture capital fund in 2018.
Since then, Pasparis has established five further funds and invested in a portfolio of high-quality portfolio companies including SPEE3D, Amphibian Aerospace Industries, a Singapore-based space technology company working to bring small satellites closer to Earth.
For more information about the Paspalis Co-Investment Fund and to apply, please visit the Paspalis website
